Demand for motor vehicles and parts rose 11.5%, supporting a rebound from Japan.

COMMENTARY: A surprisingly robust report, which could motivate further modest money flows out of safe havens. Tuesday’s strong rally in my estimation was about the liquidation of safe havens, such as gold, and the assumption of modest risk in the form of equities and commodities.

Price action in spot gold, week to date Source: Bloomberg

Past performance is not a guarantee of future results.

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